Problem 9-23 (Algorithmic) (LO. 4, 5) Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Chris Filing Single Heather Filing Single $ b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar.
Problem 9-23 (Algorithmic) (LO. 4, 5) Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Chris Filing Single Heather Filing Single $ b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar.
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 35P
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Transcribed Image Text:Problem 9-23 (Algorithmic) (LO. 4, 5)
Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time
job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed
and has wages of $79,200.
Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is
zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar.
a. Compute the following:
Gross income and AGI
Standard deduction (single)
Taxable income
Income tax
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b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round
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